Anyone worked with or can recommend a buyer agent who works for a negotiated rate off commission, flat fee, and/or hourly rate with closing bonus?

Asked by Home Buyer, Greenwich, CT Thu Jul 18, 2013

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19
Stevens Kenc…, Agent, Greenwich, CT
Sun Jan 12, 2014
Were you able to find a suitable agent to work with at a flat fee or hourly rate? I have never heard of that being done (since buyer's agents are paid % by the seller), but am very curious if it is being done.
0 votes
Ward Davol, Agent, Greenwich, CT
Fri Nov 1, 2013
As you know by now, the commission is paid by the seller. If you are looking for an exclusive buyer's agent who will work for a negotiated rate of commission, flat fee and/or hourly rate, I would be happy to negotiate that with you.
0 votes
Jodi Boxer R…, Agent, Stamford, CT
Fri Nov 1, 2013
In our area, the buyer's don't pay the commission at all. Clearly you have concerns. I would be happy to discuss them with you and see if I can help you move forward, or clarify the process of buying a property in the area. All the best.
0 votes
Galletta Sosa, Agent, Cos Cob, CT
Fri Nov 1, 2013
Juan Sosa, 203.969.4672; jsosa@bhhsne.com
0 votes
Godfrey Wall…, Agent, NY,
Sun Sep 29, 2013
Please call me,my office is very flexable with buyers and sellers.Godfrey Wallace.914-618-0103/646/646-421-8958.
0 votes
Melodye Colu…, Agent, Stamford, CT
Sun Jul 21, 2013
As long as the property is listed on the MLS the sellers pay the commission to both the buyers agent and the sellers agent. If the home is a "for sale by owner" that may be a different story. The majority of all transactions are funneled through the MLS and the buyer DOES NOT pay. I would be happy to assist you in your search if you are not currently represented.

Best,
Melodye Colucci, Realtor
William Raveis Real Estate
http://www.stamfordarearealestate.com
203.667.8077
0 votes
Jeff Turner, Agent, Wilton, CT
Fri Jul 19, 2013
You've already gotten a lot of thorough responses, so I don't need to complicate the issue. Happy to discuss your plans and how I could represent your interests as your buyer's agent in CT. Best wishes, Jeff, 203-981-6398, jeff.turner@cbmoves.com
0 votes
wkne, Home Buyer, Connecticut
Fri Jul 19, 2013
I'm a buyer in the CT market and I believe the "answers" here might be a little misleading. I know I won't be answering the original question so @HomeBuyer can ignore this, but feel like I should clarify a few things from a buyer's standpoint. Assuming a typical scenario with one Buyer's representative and one Seller's representative - in the state of CT:

1. Speaking purely from a transactional standpoint, the only true fact is that the seller will typically pay an amount (typically 5-6% of transaction) to both entities together who will split it between them.

2. Economically speaking, no seller (not many at least) will pay this out-of-pocket. The fees due to both agents are the net difference between what the buyer gives and what the seller retains.

Taking an example of a home that closes at $400k, the buyer (or their lender) will pay the seller $400k. The seller keeps $376k and pays $24k (6%) to the agents, both of whom keep $12k each. Yes, the buyer did not hand out a check or swipe a credit card to pay their agent, but they did participate in a transaction that eventually flowed their money into their agent's account (or their office which will possibly keep a percentage before the agent gets their share).

Arguing that the fair market value of the transaction does not depend on what the agents want to make and is not already factored into the price of the home is probably going to be a much heated discussion for a different topic here. So I won't get into that.

Just for the record, I think it is completely fair that the buyer is in a way responsible for their dues to their agent - you pay for a service you get. But I just want to disprove the "oh, you don't pay anything as a buyer" philosophy that a few gentlemen and ladies here seem to be propagating.
0 votes
Jay Cooke, Agent, Newark, NJ
Fri Jul 19, 2013
Hi Home Buyer,

When I read your question I knew there would be a lot of responses. Quite simply, the MLS is an entity created to offer compensation between companies. Company A has the seller client, Company B has the buyer client; through the MLS compensation is offered. Commission rates are negotiable between the seller and the listing company.

Where the premise of your question is most applicable is FSBOs (for sale by owner). In many cases the buyer pays their agent directly as opposed to the seller. But most representation agreements have language that allows the Realtor to represent you in non-MLS situations for a percentage or defined fee.

Once you have found an agent who is knowledgeable, hardworking and represents your interests well, why would you look further?

Best,
Jay Cooke
Web Reference:  http://www.jaycookehomes.com
0 votes
Laura Feghali, Agent, Stamford, CT
Fri Jul 19, 2013
Hello Home Buyer,
Yes, it's true that the seller's real estate firm splits the commission with the buyer's agent company here in Connecticut. So...the buyer is not responsible for paying a fee to the agency representing him when purchasing a home. The only instance where that may not apply is when the home is for-sale-by-owner and the owner is not willing to honor paying a Broker's fee. In that case, the buyer would be responsible for paying his agent's firm.

Best wishes to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Samuel Gabe, Agent, Darien, CT
Fri Jul 19, 2013
Clearly, from the answers you have been given here, many of my colleagues think the seller "always" funds the commission. That is totally incorrect! There are many deals where the seller doesn't have the funds to either pay a commission, or the total commission the buyer agent charges. I am not a discount broker, nor do I provide any less service than anyone else.

The one statement I will agree with is that "you get what you pay for." If you let the seller dictate what your buyer agent's services are worth you are doing yourself a disservice.

Good luck accomplishing your goals, Mr/Ms Home Buyer!

Sam
----------------------
Samuel Gabe
Licensed REALTOR
Halstead Property
t: 203.656.6518 | c: 203.856.8399 | f: 203.840.1524
sgabe@halstead.com I halstead.com
Web Reference:  http://www.halstead.com
0 votes
Bill Eckler, Agent, Venice, FL
Fri Jul 19, 2013
It might be beneficial to accurately understand the process and how things really operate before attempting to become a creative guru.

Sellers normally assume the fees for professional services.

Bill
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Jul 19, 2013
You usually get what you pay for, so a discounted agent usually results in discounted services. The way it usually works is the seller pays a listing commission to the listing agent, the listing agent posts what they will pay buyer agents in the MLS. The buyer signs a contract agreeing that they may or may not pay anything on top of that fee. most agents do not charge an additional fee. If you try to get the buyer agent to take less it has NOTHING to do with what the seller is paying that listing agent for a commission so it is not saving you any money. it may hurt you by maybe not having the best agent working for you in negotiations and guidance
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Jul 19, 2013
Wow.
Home buyer in Greenwich Ct just gave buyer agents a raise.
Think about it.
Of course, we may not know the whole story.
0 votes
He, , Greenwich, CT
Fri Jul 19, 2013
Again, in CT buyers agents are paid by the seller. The buyer has no up front costs.
0 votes
Deb Halsey, Agent, Greenwich, CT
Fri Jul 19, 2013
The seller pays commission as most have answered, and the owners have agreed to a commission structure that is competitive with other comparable properties in the area, so that they will have a comparable marketing edge. There are possibilities to negotiate , however, the most important element for the buyer is to find the right property and I would advise aligning yourself with an agent who's focus area is Greenwich
0 votes
Samuel Gabe, Agent, Darien, CT
Thu Jul 18, 2013
Hello Home Buyer,

I can work with you in Connecticut as a buyer agent on a negotiated rate of commission, flat fee and/or hourly rate with closing bonus. Please contact me directly should you require further assistance.

Best regards!
Sam
----------------------
Samuel Gabe
Licensed REALTOR
Halstead Property
t: 203.656.6518 | c: 203.856.8399 | f: 203.840.1524
sgabe@halstead.com I halstead.com
Web Reference:  http://www.halstead.com
0 votes
Joy Kim Meta…, Agent, Greenwich, CT
Thu Jul 18, 2013
Buyer's agent are compensated by the seller in Greenwich.
0 votes
allan erps,A…, Agent, Pearl River, NY
Thu Jul 18, 2013
In our area the Seller pays the Real Estate commission
0 votes
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